Jamie Dimon And Maxine Waters Got Into A Heated Tiff About Lobbying

Jamie Dimon is not getting an easy time on the Hill this time.
Here's the second in a long line of questions that made him
sweat.

Since the housing crisis made a serious impact on her state in
2008, California Representative Maxine Waters has been especially
critical of Wall Street. She got her shot at questioning JP
Morgan CEO Jamie Dimon on his bank's trading losses shortly after
Barney Frank had his way with him.

So, yeah. Rough time.

Anyway, what's especially interesting about Waters v. Dimon is
that they got to the heart of something that Frank only danced
around in his questioning — JP Morgan's massive lobbying machine
($7 million in 2011).

Waters started off with a short speech that all lead up to this:
"I'm afraid we don't have your support on
Dodd-Frank...You called the Volcker rule unnecessary...and
at the same time conceded that it also may have stopped your
losses in the CIO...Did the $30 billion drop in your bank's share
value effect shareholders in the US?"

Dimon: Yes it did

Waters: But you have lobbied for the foreign markets to be
exempt... If this impacts your shareholders here, why would you
do that?

Dimon replied that his bank is "concerned about overseas
competition. That's why we're concerned about extraterritoriality
(in terms of legislation). Our clients will go elsewhere if we
can't give them the best deal."

Waters: So you take the position...and continue to lobby even
though it harms shareholders here?